Chin Well buys three parcels of Seberang Perai land for RM48.4m

• The properties are strategically located along the main road, it noted, with easy access to key economic zones and industrial areas, including the Batu Kawan Industrial Park and Valdor.

KUALA LUMPUR (June 10): Chin Well Holdings Bhd (KL:CHINWEL) is acquiring three parcels of land totalling 12.85 hectares in Seberang Perai, Penang, for RM48.41 million, to grow its land bank.

It is buying the property from High Rich Realty Sdn Bhd, which is controlled by Datuk Seri Tiong Chiong Hoo, Kelvin Tiong Yung Yiing, Clara Tiong Siew Ee and Rosalina Ling Hung Ching via Oriental Evermore Sdn Bhd and Bright World Trading Co Ltd.

The purchase price, set at RM35 psf, is based on an “as is, where is” basis with vacant possession, free from encumbrances and restrictions on dealings, Chin Well said in a bourse filing on Monday.

The acquisition will be fully funded by internal funds and is expected to be completed in the second half of 2025.  As of the end of March, Chin Well had RM103.14 million in cash and zero borrowings.

Chin Well said the transaction aligns with its long-term growth strategy of acquiring land in prime locations with strong potential for capital appreciation and development. The properties are strategically located along the main road, it noted, with easy access to key economic zones and industrial areas, including the Batu Kawan Industrial Park and Valdor. The properties are also near the Second Penang Bridge and close to prominent townships such as Simpang Ampat, Bukit Minyak, and Nibong Tebal.

Chin Well reported a net loss of RM1.74 million for its first nine months of FY2025, as opposed to a net profit of RM5.37 million a year ago, despite revenue rising 17.6% to RM292.09 million from RM248.33 million. It blamed the loss for the nine months ended March 31, 2025 to intensified price competition, foreign exchange losses, and provisions for slow-moving stock write-downs.

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